88Duration of liability transfer certificate

#### 88 Duration of liability transfer certificate (1) A liability transfer certificate comes into force on the day specified in the certificate as the day on which the certificate is to come into force (the start day). (2) The start day may be earlier than the day on which the certificate is issued, so long as: (a) the start day occurs in the same financial year as the day on which the certificate is issued; and (b) each of the following has consented to the specification of the start day: (i) the applicant; (ii) in the case of a certificate issued under section 83, where a person consented under subsection 81(3) to the making of the application for the certificate—the person; (iii) in the case of a certificate issued under section 87, where a controlling corporation consented under paragraph 85(3)(a) to the making of the application for the certificate—the controlling corporation; (iv) in the case of a certificate issued under section 87, where a person consented under paragraph 85(3)(b) to the making of the application for the certificate—the person; (v) in the case of a certificate issued under section 87, where a controlling corporation consented under subsection 85(4) to the making of the application for the certificate—the controlling corporation. (3) The start day may be later than the day on which the certificate is issued, so long as: (a) the start day occurs in: (i) the same financial year as the day on which the certificate is issued; or (ii) the next financial year; and (b) each of the following has consented to the specification of the start day: (i) the applicant; (ii) in the case of a certificate issued under section 83, where a person consented under subsection 81(3) to the making of the application for the certificate—the person; (iii) in the case of a certificate issued under section 87, where a controlling corporation consented under paragraph 85(3)(a) to the making of the application for the certificate—the controlling corporation; (iv) in the case of a certificate issued under section 87, where a person consented under paragraph 85(3)(b) to the making of the application for the certificate—the person; (v) in the case of a certificate issued under section 87, where a controlling corporation consented under subsection 85(4) to the making of the application for the certificate—the controlling corporation. (4) A liability transfer certificate issued remains in force indefinitely. (5) Subsection (4) has effect subject to this Division.